Aug 11, 2020
How can you help your kids to be thoughtful and master money? We’ll go over key things they need to know about how to save, spend, and give!
Teaching Your Kids About Money
Teaching Your Kids About Money
In a way, I feel like 2020 has kind of given everyone a sense of how time works with parents. On one hand, you look up at the calendar and are amazed at how quickly things have flown by.
I mean it’s already August!
And yet on a weekly level, there’s this rhythm that somehow makes you think things are barely moving along.
Next week our kids are back in school and we will have a 4th grader and a kindergartener.
With this extra time together at home, we’ve had more conversations with one another. And if you’re around kids, you know that are a big part of those conversations are questions.
Some topics we expected, our kids are 9 and 5 and they are now more aware of what’s going on, but others threw us off or at least me.
And one of those was money.
As you probably guessed, as a personal finance writer I do talk to my girls about money. And as a family, we have our little system for allowances, chores, and savings.
But with the pandemic and the fallout hitting so many families so hard, our girls have asked – are we okay? They’ve wondered about others too.
So we’ve expanded our conversations and included them in the family finances more.
Whether there’s a pandemic ort not, I think if you ask any parent we want our kids ot not only be savvy with money, but more thoughtful and generous.
But there can be a gap between what we like to teach our kids and actually getting started.
Which is why we’re tackling this in two parts. Today we’re going to focus on getting the ball rolling with money talks.
I’m excited because I’ve invited another mom in the trenches to chat – Kristia Ludwick.
She’s not only a mom of two girls but also a half-marathon runner and the creator behind Family Balance Sheet.
In this episode we’re discussing:
- How to open up the conversations with your kids about money
- Adjusting for each of your kid’s specific needs
- Why your example matters
Ready? Let’s get started!
Resources to Help Your Kid Become Savvy with Their Money
Here are some of my favorite tools, apps, and resources to get your family working as a team with money!
- Best Budget and Money Apps: Personal Capital, Tiller, Mint
- Jumpstart Your Marriage and Your Money
- How We Paid off Six Figures of Debt
- Famzoo: Fantastic tool that allows you to create a family ‘bank’ system that can make managing allowances easier while guiding your kid from preschooler to teen to become financially savvy.
- Cash Crunch Jr.
- Goalsetter
- 5 Things I Want To Teach My Kids About Money Fit On A 4 By 6 Index Card
- 21 Back To School Tips For Raising Money Savvy Kids At Each Educational Stage
Thank You to Our Partner Coastal
Support for this podcast comes from Coastal Credit Union!
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Music Credit
Music in this episode is by artists from Audiio.